Bonk (BONK) is looking to build on its deflationary status to revive its price trend
Bonk (BONK), the Solana-based meme coin sensation, is gradually seeing a recovery in its price today, after an erratic price trend experienced for the better part of the week. The ongoing bullish price reversal can be traced to the positive update shared by the BONK team via its Twitter handle.
According to Bonk, its token burn event is beginning to have an impact in defining the deflationary tendencies of the meme coin when compared with Ethereum (ETH). Recall that Ethereum became a full-blown deflationary asset last year with the activation of the London hard fork, or EIP 1559, back in August 2021.
With the burn rate of BONK, the meme coin is currently 200x more deflationary than Ethereum. While there was an update shared earlier that BONK may be burned through the much-anticipated Solana Phone, the meme coin confirmed on Twitter that it is adding many more burning utilities to drive even more aggressive deflation in its total supply.
Based on last week’s burn rate, $BONK is currently over 200x more deflationary than $ETH.
More burn mechanisms and utility are being added every day by the $BONK community, with a hackathon track specifically for $BONK burning utilities coming soon!
— Bonk! (@bonk_inu) January 20, 2023
Bonk is currently changing hands at a price of $0.000001152, up 2.15% over the past 24 hours in what looks like a calm recovery after shedding over 31% of its price value this week.
What’s next for BONK?
With the current growth surge, BONK has started paring off the losses it accrued over the course of the week as it seeks to regain its stance as a pump-and-dump token. The media hype surrounding the meme coin is high, however, this hype is gradually fading, and the token may need a more defined utility to retest its previous ATH, from which it has dropped by over 76%.
BONK has plans to displace the dominance of Shiba Inu (SHIB) and Dogecoin (DOGE) among retail investors. While it is still figuring out how best to bring value to its ecosystem, the token is looking to close the week on a positive note, riding on its current bullish reversal.